We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Pulling our of a property for another?
Amyb97
Posts: 2 Newbie
So I am a first time buyer.
We got accepted on a house in October 2021. Everything was running smoothly until our solicitors realised that the seller had originally bought it through the Right to Buy scheme less than 10 years ago and hadn't offered it back to the council. This has now put everything on halt as she has had to give the council first refusal. Long story short - the Council are interested in buying the property back so we are currently awaiting the Independent Valuer to make his decision. - This is all something that should have been dealt with before the property went on the market.
As we are expecting this not to go through, we have seen another property which we are interested in.
How do we go about putting in an offer as we don't currently have a Mortgage in Principle anymore? The Mortgage Agreement for the original house runs out at the end of this month.
My partner and I have agreed that if we were to get accepted on this new property, we would pull out of the original before hearing back from the Independent Valuer.
Thanks.
We got accepted on a house in October 2021. Everything was running smoothly until our solicitors realised that the seller had originally bought it through the Right to Buy scheme less than 10 years ago and hadn't offered it back to the council. This has now put everything on halt as she has had to give the council first refusal. Long story short - the Council are interested in buying the property back so we are currently awaiting the Independent Valuer to make his decision. - This is all something that should have been dealt with before the property went on the market.
As we are expecting this not to go through, we have seen another property which we are interested in.
How do we go about putting in an offer as we don't currently have a Mortgage in Principle anymore? The Mortgage Agreement for the original house runs out at the end of this month.
My partner and I have agreed that if we were to get accepted on this new property, we would pull out of the original before hearing back from the Independent Valuer.
Thanks.
0
Comments
-
You've been patient. If you've found an alternative. Go for it. Your vendors cannot expect you to hang on indefinately.1
-
The Mortgage Agreement in principle can be used for any property.
Are the prices similar? Have an idea of the mortgage amount the lender can lend ypu.
No issue looking for another property.1 -
6 months into the process, and you still have no idea if the seller is even going to be able to sell!
It's completely reasonable to look at other properties. You can come back to this one if you still want to, if the seller gets into a proceedable position.
Do note that interest rates have gone up since last October. So, if you go with a new property, your new mortgage offer will probably be at a slightly higher interest rate than the last one. Shouldn't be much different though.1 -
Ask you broker to get you a new agreement in principle, it’s easy really, then you just start viewing make an offer and withdraw from current purchaseInitial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards